Shiba Inu (SHIB) is facing a concerning trend as short-term holders rapidly dump their tokens, leading to a decline in the asset’s momentum. Data shows that traders are losing patience with SHIB, resulting in a 63.43% decrease in short-term traders and a 2.91% drop in mid-term investors over the past month.
Typically, these traders hold onto tokens for less than a month, but recent data suggests they’re re-evaluating their strategy due to the lack of quick profits. In contrast, long-term holders have seen a 6.55% increase in their holdings, indicating some investors remain optimistic about SHIB’s future prospects.
The ongoing sell-off by short-term traders has made it challenging for SHIB to break through key support levels, with its price currently hovering around $0.000016. For the asset to stage a significant recovery, a significant burn event, utility-driven development, or unexpected market demand is needed to entice traders back into the ecosystem.
The trend of short-term traders exiting the market continues, leaving long-term holders to keep the momentum going. This may make it difficult for SHIB to recover in the near future unless a catalyst intervenes.
Source: https://u.today/shiba-inu-shib-losses-push-short-term-traders-away-data-shows